NYSE Parent Company Brings Bitcoin Futures and Starbucks Payments to Crypto Market

According to a press release on August 3, 2018, Intercontinental Exchange, the New York Stock Exchange parent organization and 22 other bourses, announced plans to launch a regulated marketplace for digital assets.

As stated, ICE will use Microsoft cloud services to facilitate the building of an "Open global ecosystem" for decentralized crypto assets.

Called "Bakkt," the enterprising solution for the massively unregulated and scrutinized digital asset trading sector features a vast group of organizations lending their infrastructure to create inclusivity for cryptocurrencies.

Bakkt features a lineup of marquee partners, such as Starbucks, BCG, Susquehanna Capital, and billionaire Alan Howard, with ICE hoping to create an institutional investor-friendly platform to purchase and trade digital assets.

To start, Bakkt will improve the trading and fiat conversion process for Bitcoin, as ICE considers the pioneer cryptocurrency the "Most liquid" of all digital assets.

Most interestingly, ICE confirmed the launch of "One day," physically delivered Bitcoin contracts in the release, alongside offering warehousing facilities for storing bitcoins subject to approvals and reviews from the Commodity Trading Futures Commision.

By creating a trusted market interface for digital asset trading and investing, Bakkt supports the flow of fiat-to-cryptocurrency transactions, as noted by ICE. The bourse added that tapping the $270 billion market of cryptocurrencies needs a secure and efficient framework, which they intend to supply.

Earlier in May 2018, CryptoSlate reported ICE was intending to launch a Bitcoin futures product to rival with the lines of CME and CBOE, two prominent and influential bourses offering futures contracts on the pioneer cryptocurrency since 2017.

At the time, the cryptocurrency community regarded the move and stated the development could mark the start of institutional money flowing into the cryptographic asset class.

"As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks."